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September 16, 2019 Comments Off on Though Oil Slows, Odessa Economy Continues to Expand Views: 236 Texas - Other, Texas News

Though Oil Slows, Odessa Economy Continues to Expand

The Odessa Economic Index continued improving, hitting a record 269.6 in June 2019, up from 268.1 in May 2019. According to economist Karr Ingram, the Odessa economy continued on a strong growth track, “even in the face of the continued slowdown in the regional oil and gas economy.”

He also noted that general spending in June increased, as did construction, while auto spending continued decreasing. Home sales were 2%, year over year, in the January-June 2019 period which was “sufficient to establish a new record for the first six months of the year,” Ingham said.

For the second half of 2019, Ingham is forecasting a continued slowdown in general economic activity. “If the regional oil and gas economy stabilizes . . . the Odessa economy should continue to post modest growth,” he said. “If it continues its slide, however, it will very likely roll the Odessa economy over from growth to decline at some rate.”

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